DLF plans to sell wind energy business to former GE India head for Rs900 crore: report
17 Jan 2013
DLF, India's largest realty company, is planning to sell its wind energy business to an unlisted firm founded by the former General Electric India boss Tejpreet Singh Chopra, for around Rs900 crore, The Economic Times today reported, citing two people familiar with the matter.
"The divestment of wind energy business has already been finalised with Bharat Light and Power (BLP). However, there are some regulatory issues that need to be resolved before announcing the transaction," a DLF official told the ET.
The sale comes less than a month after the Delhi-based real estate giant finalised a deal to sell its entire stake in luxury hotel chain Aman Resorts back to its founder Adrian Zecha for $300 million (Rs1,637 crore). (See: DLF to sell luxury hotel chain Aman Resorts back to founder Adrian Zecha for Rs1,637 crore)
DLF is seeking to raise as much as Rs10,000 crore ($2.2 billion) through asset sales to repay its massive Rs22,200-crore debt.
In the first quarter, DLF had offloaded its entire stake in Adone Hotels and Hospitality Ltd for Rs567 crore to Kolkata-based Avani Projects and Square Four Housing & Infrastructure.
The wind energy deal includes DLF selling its windmills in Gujarat, Tamil Nadu, Karnataka and Rajasthan under two stages, which have a total installed capacity of 260 MW.
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